Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

SHEIN IPO in Hong Kong: What 2027E Revenue Growth, OPM% Assumptions Are Needed to Make It Cheap-Ish?

SHEIN IPO in Hong Kong: Has OP Margin Bottomed? If It Has, SHEIN Is Approaching Value

SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

SHEIN IPO in Hong Kong | Pressures from New Rules To Grow, Will Hit Low-Price Platforms Hardest

Growth of SHEIN, Temu Appears to Be Boosting Asia-US Air Cargo Volume & Pricing

SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

Head of US$150M Postage Fraud Scheme Tied to Chinese EComm Parcels Sentenced to Prison in California

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>In this insight we analyze SHEIN's Marketing expenses, which rose sharply in FY25 and Q126</li>
<li>We also revisit SHEIN's Fulfilment expenses, which likely ballooned in Q226 on higher fuel</li>
<li>We believe high and rising Marketing, Fulfilment expenses to smother FY26 margins</li>
</ul>


In this insight we analyze SHEIN's Marketing expenses, which rose sharply in FY25 and Q126
We also revisit SHEIN's Fulfilment expenses, which likely ballooned in Q226 on higher fuel
We believe high and rising Marketing, Fulfilment expenses to smother FY26 margins


Cainiao Smart Logistics Network (1437124D HK)

SHEIN IPO in Hong Kong: Examining Marketing Expense Trend | Fulfilment Expense in Q226 Likely Spiked